The U.S. Energy Department on Dec. 2 announced a conditional commitment for a $7.54 billion loan to StarPlus Energy to construct two lithium-ion electric vehicle battery manufacturing facilities in Kokomo, Indiana. Once operational, the annual manufacturing capacity of the sites would reach 67 GWh, which could power 670,000 EVs. The department estimates these electric vehicles…...
The 41st quarterly carbon auction held by California and Quebec sold all of the nearly 52.6 million carbon permits offered under the current auction at a price of $31.91 per allowance, above the floor price of $24.04, according to the results released on Nov. 27 by the California Air Resources Board. The current auction clearing…...
The Washington Department of Ecology released a new report detailing the distribution of $472 million of 2021 Climate Commitment Act investments among 37 state agencies. The agencies used the funds to support projects such as habitat restoration, clean energy, and energy bill assistance from Jul. 1, 2023, to Jun. 30, 2024. These projects have the…...
Natural gas storage sites across the Lower 48 states ended the natural gas injection season with 3,922 billion cubic feet (Bcf), according to an Dec. 2 report published by the U.S. Energy Information Administration. U.S. natural gas inventories are starting the winter 2024-25 season with the most natural gas since 2016. As it stands, U.S…....
The Massachusetts Department of Public Utilities on Nov. 29 announced two orders to improve the state’s net metering program and broaden access to solar power for residents. The first order raises the project size threshold for participating in the program without being subject to the net metering cap. The second action provides new exceptions to…...
The District of Columbia Public Service Commission on Nov. 26 approved the final version of Potomac Electric Power Company‘s (Pepco) second Multiyear Rate Plan which sets electric distribution rates for 2025 and 2026. The plan, approved as an extended pilot, permits Pepco to raise electric distribution rates by $123.4 million over the two-year period, which…...
Average U.S. crude oil production hit a record high of 13.4 million barrels per day (b/d) during August 2024, according to a Nov. 26 report from the U.S. Energy Information Administration. U.S. crude oil production during August 2024 surpassed production during December 2023, when the previous monthly record of 13.3 million b/d was achieved. The…...
The U.S. Energy Department on Nov. 26 announced a conditional commitment for a loan of $6.57 billion to Rivian New Horizon to build an electric vehicle manufacturing site in Stanton Springs North, Georgia. The nine million-square-foot manufacturing site could produce up to 400,000 vehicles, such as electric sport utility vehicles, or eSUVs. Through this loan,…...
The retail price of regular gasoline, on the Monday before Thanksgiving averaged $3.04 per gallon (gal) across the U.S., down seven percent compared to the same time during 2024, according to a Nov. 27 report published by the U.S. Energy Information Administration. Heading into the Thanksgiving weekend, retail gasoline prices are at their lowest level…...
The U.S. Energy Department on Nov. 25 announced $30 million in funding to speed up the interconnection process for new energy generation through the introduction and implementation of artificial intelligence methods. The Artificial Intelligence for Interconnection, or AI4IX, program will enhance collaboration between software programmers, energy project developers, and grid operators to improve and modernize…
The U.S. Energy Department on Nov. 25 announced a conditional commitment for a loan guarantee of up to $4.9 billion to Grain Belt Express LLC to help finance a high-voltage direct current interregional transmission project. The 2,500-megawatt (MW) power line would run approximately 578 miles between Kansas and Missouri. The transmission project – Grain Belt…...
Global gas markets could witness tighter supply-demand fundamentals during winter 2024-25, according to a Nov. 25 report published by the U.S. Energy Information Administration. The previous two winters in the Northern Hemisphere have witnessed above seasonal normal temperatures, leading to lower demand and in turn relatively higher storage capacity. If the temperature during winter 2024-25…...